TrueLayer raises £95.1m in funding round

This brings the total the business has raised thus far to £197.5m.

This funding round also gives TrueLayer a valuation of more than £731.5m.

“TrueLayer is carving a new world of payments altogether, which can deliver a fundamentally faster, safer and more user friendly experience that also improves conversion and delivers higher revenues for merchants,” said Francesco Simoneschi, CEO and co-founder of TrueLayer.

“We are leading this innovation through instant deposits and withdrawals, and merging Variable Recurring Payments and Direct Debit to build ‘account on file’ services on top of our open banking network.”

With the new funding, TrueLayer will be able to offer instant bank payments to a variety of markets and sectors. The company will also be able to fund product development, including its PayDirect solution.

In addition, TrueLayer will be able to plan for an international expansion and focus on global team development.

“When Francesco and I founded TrueLayer it was with a belief that open banking would act as a catalyst for fundamental change in financial services,” said Luca Martinetti, co-founder and CTO for TrueLayer.

“I’m incredibly proud of how we’ve built the firm, with a focus on quality engineering and user experience aligned to product development that delivers the best possible services. That is reflected in the thousands of developers using our services, the talent we are retaining and the calibre of leaders we’re attracting from world-class technology and fintech companies.”

Last week, TrueLayer launched its Payouts solution, which uses open banking to facilitate instant withdrawals and refunds. It said that this solution was designed for gambling operators, though its first client was used car retailer Cazoo.